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Vietnam Manufacturing and Export Processing Holdings Ltd (0422) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Vietnam Manufacturing and Export Processing Holdings Ltd HK$0.65, price HK$0.27, upside +145.3%, quality 57 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
  3. Add to watchlist

Consumer Cyclical · HK · ISIN KYG936171019

VM Thin data Sep 24, 2026

Vietnam Manufacturing and Export Processing Holdings Ltd

0422 · HK

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value HK$0.6500 · Strongly undervalued (+145.3%)
!Quality 57/100
!Expensive Growth (revenue YoY +7.2 %/yr)
!Thin margins · 4.3% net margin (TTM)
!Low debt · negative free cash flow
✓Ranks above peers (7/11)
!Narrow moat 20/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

HK$0.9700 HK$0.2200 Fair Value HK$0.6500 May 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range HK$0.2200 – HK$0.9700 · fair‑value band HK$0.5800 – HK$0.7000 · the HK$0.2650 price screens below the HK$0.6500 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Vietnam Manufacturing and Export Processing (Holdings) Limited, an investment holding company, engages in the manufacture and sale of motorbikes and scooters, and related spare parts and engines in Vietnam. The company engages in the provision of motorbike maintenance services; and manufactures parts for use in repair servicing and product assembly.

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Vietnam Manufacturing and Export Processing (Holdings) Limited, an investment holding company, engages in the manufacture and sale of motorbikes and scooters, and related spare parts and engines in Vietnam. The company engages in the provision of motorbike maintenance services; and manufactures parts for use in repair servicing and product assembly. It also operates a distribution network of SYM authorized stores owned by dealers in Vietnam; and develops real estate properties. It offers motorbikes under the SYM brand name. It also exports its products to Malaysia, the Philippines, United Arab Emirates Thailand, Greece, Italy, Singapore, and internationally. Vietnam Manufacturing and Export Processing (Holdings) Limited was incorporated in 2005 and is headquartered in Biên Hòa, Vietnam. Vietnam Manufacturing and Export Processing (Holdings) Limited operates as a subsidiary of SY International Ltd.

Stock analysis

Vietnam Manufacturing and Export Processing Holdings Ltd (0422) currently trades at HK$0.2650, while our model-based Fair Value estimate is HK$0.6500, implying the stock looks roughly 59.2% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of HK$0.9000 per share, and 13 of the 13 models we run sit above the HK$0.2650 price.

Bear case: the Asset-Based group reads lowest at HK$0.2800, and 0 of the 13 models stay below the price. Evidence for this calculation is low.

Scenario range: HK$0.5800 (bear) to HK$0.7000 (bull), the price of HK$0.2650 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 57/100 (solid quality), in the Consumer Cyclical sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Vietnam Manufacturing and Export Processing Holdings Ltd reported revenue of $87.0M in FY2025 versus $93.0M in FY2021, a compound −1.7%/yr. Reported net income was $4.6M in FY2025.

Key figures

Market cap HK$241M (≈ $30.7M) · P/E ratio 6.8 · P/S ratio 0.36 · EPS (TTM) HK$0.0314 · Net margin 5.3% · Return on equity 7.8% · Return on assets (EBIT) 1.4% · Operating margin −1.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 40% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at 60% fair-value upside, at 145%, 0422 screens cheaper than that median.

Fair Value models

Bear HK$0.5800 Fair Value HK$0.6500 Bull HK$0.7000
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (HK$0.0237 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Owner Earnings HK$0.7300 HK$0.9000 HK$1.22 78
EPV HK$0.7200 HK$0.8000 HK$0.8600 74
ROIC Compounder HK$0.7200 HK$0.8200 HK$0.9000 72
All 13 models by family
DCF Models
Owner Earnings HK$0.7300 HK$0.9000 HK$1.22 78
Earnings-Based
Graham-Dodd HK$0.2700 HK$0.3300 HK$0.3800 67
EPV HK$0.7200 HK$0.8000 HK$0.8600 74
Multiples
P/E Multiple HK$0.6600 HK$0.8800 HK$1.10 63
P/S Multiple HK$0.5100 HK$0.6800 HK$0.8500 58
P/B Multiple HK$0.5100 HK$0.6800 HK$0.8500 55
EV/EBIT HK$1.22 HK$1.54 HK$1.86 66
EV/EBITDA HK$0.9100 HK$1.13 HK$1.35 67
EV/Revenue HK$0.8800 HK$1.16 HK$1.43 54
Asset-Based
NCAV (Graham) HK$0.2100 HK$0.2800 HK$0.4200 54
Economic Profit
Residual Income HK$0.3600 HK$0.4000 HK$0.4600 71
ROIC Compounder HK$0.7200 HK$0.8200 HK$0.9000 72
Growth Earnings
Growth-Adj P/E HK$0.4700 HK$0.6700 HK$0.8700 67

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Quality Score breakdown

Overall quality 57/100

Of which business quality 54 · Market factors (momentum, volatility) 30

Profitability 37
Margins and returns on capital today
Quality Growth 73
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 70
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 59
Calm price path (market factor)
Momentum 26
Price trend over the last 3–12 months (market factor)
52W Momentum 4
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 42/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+40.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+40.2%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−6% → 10%
⚠ Revenue per share shrinking 6.6%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Recreational Vehicles · 39 stocks

Beats the industry median on 6/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 57 · Above median
Fair Value upside −28.9% · Below median
Profitability
Return on equity (TTM) 7.8% · Above median
Return on assets −1.9% · Below median
Net margin (TTM) 4.3% · Above median
Operating margin (TTM) −1.5% · Below median
Growth and dividend
Revenue growth −5.7% · Below median

Valuation Multiplesvs Recreational Vehicles median · lower = cheaper

P/E (TTM) 6.8× · Cheapest 25%
P/B 0.63× · Cheaper than median
P/S (TTM) 0.36× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 37
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)31 · sector 5
HEALTH (low debt)100 · sector 90
DIVIDEND (yield)0 · sector 60

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Harley-Davidson, Inc HOG $24.82 $64.82 +161%
Patrick Industries, Inc PATK $67.78 $88.30 +30%
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Sanlorenzo S.p.A SL €35.92 €36.60 +2%

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HK$0.6500 +59%Fair Value
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Cite: Fair Value Calculator (2026). "Vietnam Manufacturing and Export Processing Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/0422

Frequently asked questions

Is Vietnam Manufacturing and Export Processing Holdings Ltd (0422) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of HK$0.6500 versus a price of HK$0.2650, about +145% upside (undervalued).
What is the fair value of 0422?
Our model-based fair value for Vietnam Manufacturing and Export Processing Holdings Ltd is HK$0.6500 (as of Sep 24, 2026), built from audited fundamentals. The current price: HK$0.2650.
What is the quality score of 0422?
Vietnam Manufacturing and Export Processing Holdings Ltd has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Vietnam Manufacturing and Export Processing Holdings Ltd (0422)?
Our model-based price target is the fair value of HK$0.6500 (as of Sep 24, 2026) from 13 valuation models. Cautious scenario HK$0.5800, optimistic scenario HK$0.7000. It is a calculation from audited fundamentals, not an analyst target.
What is the Vietnam Manufacturing and Export Processing Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$0.6500, about +145% upside versus a price of HK$0.2650 (undervalued). Cautious scenario HK$0.5800, optimistic scenario HK$0.7000. The calculation is refreshed regularly with new filings.
What is the revenue of Vietnam Manufacturing and Export Processing Holdings Ltd (0422)?
Vietnam Manufacturing and Export Processing Holdings Ltd reported trailing-twelve-month revenue of about $85.9M (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Vietnam Manufacturing and Export Processing Holdings Ltd (0422)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vietnam Manufacturing and Export Processing Holdings Ltd it is HK$0.6500 per share (as of Sep 24, 2026), against a price of HK$0.2650. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Vietnam Manufacturing and Export Processing Holdings Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0422 trades below its calculated fair value: price HK$0.2650, fair value HK$0.6500, a gap of about +145% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0422?
No. The price is what the market pays today (HK$0.2650); the fair value is what the company's own numbers justify (HK$0.6500). For Vietnam Manufacturing and Export Processing Holdings Ltd the two are HK$0.3850 per share apart. That gap is exactly why we show both numbers side by side.
How much is Vietnam Manufacturing and Export Processing Holdings Ltd worth?
The market values Vietnam Manufacturing and Export Processing Holdings Ltd at about HK$241M (market capitalisation, as of Sep 24, 2026). Per share that is HK$0.2650; our models calculate a fair value of HK$0.6500 per share.
What do the bullish and bearish scenarios say about 0422?
Our models span a range for Vietnam Manufacturing and Export Processing Holdings Ltd: cautious scenario HK$0.5800, base HK$0.6500, optimistic HK$0.7000 per share (as of Sep 24, 2026, price HK$0.2650). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0422?
Vietnam Manufacturing and Export Processing Holdings Ltd trades at a price-to-earnings ratio of 6.8 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$0.6500 is built from several models across several years. Other multiples: P/B 0.6, P/S 0.4.
How solid is the balance sheet of Vietnam Manufacturing and Export Processing Holdings Ltd (0422)?
Balance-sheet figures for Vietnam Manufacturing and Export Processing Holdings Ltd (as of Sep 24, 2026): return on equity 7.8%. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is 0422 from its 52-week high?
Vietnam Manufacturing and Export Processing Holdings Ltd trades at HK$0.2650, about 40% below its 52-week high of HK$0.4400 and 6% above the low of HK$0.2500 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.6500 is for.
Which stocks are comparable to Vietnam Manufacturing and Export Processing Holdings Ltd?
From the same area (Consumer Cyclical) we also value Zhejiang Cfmoto Power Co, Brunswick Corporation, BRP Inc, THOR Industries, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Vietnam Manufacturing and Export Processing Holdings Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price HK$0.2650, calculated fair value HK$0.6500 (+145%), Quality Score 57/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0422 calculated?
We run Vietnam Manufacturing and Export Processing Holdings Ltd through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of HK$0.6500, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Vietnam Manufacturing and Export Processing Holdings Ltd currently trades 59 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Vietnam Manufacturing and Export Processing Holdings Ltd (0422)?
The closing price on Oct 2, 2026 was HK$0.2650. Our model-based fair value is HK$0.6500, about +145% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vietnam Manufacturing and Export Processing Holdings Ltd right now?
The price is below even our cautious bear case (HK$0.5800). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality.

Key figures of Vietnam Manufacturing and Export Processing Holdings Ltd

How large is the market capitalisation of Vietnam Manufacturing and Export Processing Holdings Ltd (0422)?
The market capitalisation of Vietnam Manufacturing and Export Processing Holdings Ltd is HK$241M (≈ $30.7M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Vietnam Manufacturing and Export Processing Holdings Ltd (0422)?
The price-to-sales ratio of Vietnam Manufacturing and Export Processing Holdings Ltd is 0.36 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Vietnam Manufacturing and Export Processing Holdings Ltd (0422)?
Earnings per share at Vietnam Manufacturing and Export Processing Holdings Ltd are HK$0.0314 (price ÷ EPS = P/E 6.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Vietnam Manufacturing and Export Processing Holdings Ltd (0422)?
The net margin of Vietnam Manufacturing and Export Processing Holdings Ltd is 5.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Vietnam Manufacturing and Export Processing Holdings Ltd (0422)?
The return on equity (ROE) of Vietnam Manufacturing and Export Processing Holdings Ltd is 7.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Vietnam Manufacturing and Export Processing Holdings Ltd (0422)?
On an EBIT basis the return on assets of Vietnam Manufacturing and Export Processing Holdings Ltd is 1.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Vietnam Manufacturing and Export Processing Holdings Ltd (0422)?
The operating margin of Vietnam Manufacturing and Export Processing Holdings Ltd is −1.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vietnam Manufacturing and Export Processing Holdings Ltd (0422)?
Revenue at Vietnam Manufacturing and Export Processing Holdings Ltd is growing −5.7% versus a year earlier (3y avg −13.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Vietnam Manufacturing and Export Processing Holdings Ltd (0422) generate?
The free cash flow of Vietnam Manufacturing and Export Processing Holdings Ltd is −$11.5M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Vietnam Manufacturing and Export Processing Holdings Ltd (0422) carry?
The net debt of Vietnam Manufacturing and Export Processing Holdings Ltd is $8.6M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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